In mid-October 2022, US Treasury Secretary Janet Yellen argued at a press briefing at the International Monetary Fund (IMF), that the price cap’s success is not going to be measured by how many countries sign up to it.
The idea is to keep Russia’s oil flowing to the world market and provide other countries with leverage to buy Russia’s crude for lower prices.
Yellen claimed that African, Latin American, and Asian countries would get access to cheaper hydrocarbons due to the G7’s price cap.
However, Russia’s oil has already become a boon for developing countries struggling with the economic crisis, largely provoked by the West’s unrestrained money printing and sanctions.
Against this backdrop, Yellen’s remark about capping Russian oil prices to help developing countries looks nothing short of hypocritical.
Sputnik / ABC Flash Point News 2022.